Common use of Opinions as to Trust Property Clause in Contracts

Opinions as to Trust Property. (a) If the Opinion of Counsel delivered at the Closing Date pursuant to Section 2.11(b) specifies any future action that the Owner Trustee must take to maintain the lien and security interest hereof, no later than the time so specified in such Opinion (or any subsequent Opinion of Counsel delivered pursuant to this Section 3.06), and in any event within three months prior to the fifth anniversary of the Closing Date, the Owner Trustee shall furnish to the Indenture Trustee and the Note Insurer an Opinion of Counsel stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture with respect to the Trust Property and reciting the details of such action. The Owner Trustee shall also provide the Indenture Trustee and the Note Insurer with a file stamped copy of any document or instrument filed as described in such Opinion of Counsel contemporaneously with the delivery of such Opinion of Counsel. Such Opinion of Counsel shall also describe the recording, filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture with respect to the Trust Property. If the Opinion of Counsel delivered to the Indenture Trustee and the Note Insurer hereunder specifies future action to be taken by the Owner Trustee, the Owner Trustee shall furnish a further Opinion of Counsel no later than the time so specified in such former Opinion to the effect required hereby.

Opinions as to Trust Property. (a) If the Opinion of Counsel delivered at the Closing Date pursuant to Section 2.11(b) specifies any future action that the Owner Trustee must take to maintain the lien and security interest hereof, no later than the time so specified in such Opinion (or any subsequent Opinion of Counsel delivered pursuant to this Section 3.06), and in any event within three months prior to the fifth anniversary of the Closing Date, the Owner Trustee shall furnish to the Indenture Trustee Trustee, the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap Counterparty have been paid in full) and the Note Insurer an Opinion of Counsel stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture with respect to the Trust Property and reciting the details of such action. The Owner Trustee shall also provide the Indenture Trustee and the Note Insurer with a file stamped copy of any document or instrument filed as described in such Opinion of Counsel contemporaneously with the delivery of such Opinion of Counsel. Such Opinion of Counsel shall also describe the recording, filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture with respect to the Trust Property. If the Opinion of Counsel delivered to the Indenture Trustee Trustee, the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap Counterparty have been paid in full) and the Note Insurer hereunder specifies future action to be taken by the Owner Trustee, the Owner Trustee shall furnish a further Opinion of Counsel no later than the time so specified in such former Opinion to the effect required hereby.

Opinions as to Trust Property. (a) If the Opinion of Counsel delivered at the Closing Date pursuant to Section 2.11(b) specifies any future action that the Owner Trustee Issuer must take to maintain the lien and security interest hereof, no later than the time so specified in such Opinion (or any subsequent Opinion of Counsel delivered pursuant to this Section 3.06), and in any event within three months prior to the fifth anniversary of the Closing Date, the Owner Trustee Issuer shall furnish to the Indenture Trustee Trustee, the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap Counterparty have been paid in full) and the Note Insurer an Opinion of Counsel stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture with respect to the Trust Property and reciting the details of such action. The Owner Trustee Issuer shall also provide the Indenture Trustee and the Note Insurer with a file stamped copy of any document or instrument filed as described in such Opinion of Counsel contemporaneously with the delivery of such Opinion of Counsel. Such Opinion of Counsel shall also describe the recording, filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture with respect to the Trust Property. If the Opinion of Counsel delivered to the Indenture Trustee Trustee, the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap Counterparty have been paid in full) and the Note Insurer hereunder specifies future action to be taken by the Owner TrusteeIssuer, the Owner Trustee Issuer shall furnish a further Opinion of Counsel no later than the time so specified in such former Opinion to the effect required hereby.

Opinions as to Trust Property. (a) If the Opinion of Counsel delivered at the Closing Date pursuant to Section 2.11(b) specifies any future action that the Owner Trustee must take to maintain the lien and security interest hereof, no later than the time so specified in such Opinion (or any subsequent Opinion of Counsel delivered pursuant to this Section 3.06), and in any event within three months prior to the fifth anniversary of On the Closing Date, the Owner Trustee Issuer shall furnish to the Indenture Trustee and the Note Insurer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, Series Supplement, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest in favor of the Indenture Trustee for the benefit of the Holders, created by this Indenture and the related Series Supplement and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. Within 90 days after the beginning of each calendar year, beginning with 2002 the Master Servicer on behalf of the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and re-filing refiling of this Indenture, any indentures supplemental hereto Series Supplement and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as is are necessary to maintain the lien and security interest created by this Indenture with respect to and the Trust Property related Series Supplement and reciting the details of such action. The Owner Trustee shall also provide action or stating that in the Indenture Trustee and the Note Insurer with a file stamped copy of any document or instrument filed as described in such Opinion of Counsel contemporaneously with the delivery opinion of such Opinion of Counselcounsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and re-filing refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture with respect to the Trust Property. If the Opinion of Counsel delivered to the Indenture Trustee and the Note Insurer hereunder specifies future action to be taken by related Series Supplement until December 31 of the Owner Trustee, the Owner Trustee shall furnish a further Opinion of Counsel no later than the time so specified in such former Opinion to the effect required herebyfollowing calendar year.